How Is My Home Connected To My Financial Wealth

Being confined to one’s home by force or necessity really puts things into perspective–if your home is not quite where you want it to be, whether it is location, style, or size.

 

During this past couple of months everyone, I mean everyone, either had a great appreciation for what they called home or were forced to rethink their choices in what will be home for the near future after this quarantine.

 

Homes are what economist calls inelastic supply.  What does that mean to us the average person? Supply is price inelastic if a change in price causes a smaller percentage change in supply.

 

Homeownership is closely tied to wealth here in America.  On the surface, homeownership seems to provide the basic necessities that everyone needs, a place to live.  Shelter from nature’s elements.  That is true, on the surface.  But beneath it all– your ability to own a home is actually one key to unlocking various opportunities to those determined to leave a positive legacy to their family and loved ones.

 

 

Things we need to keep in mind when considering homeownership will be determined by the following:
Your income
Your credit score
Other debts
Mortgage available to you
Mortgage interest rates available to you

 

Once we are able to secure this one very important component in our lives, homeownership, it will then provide you with other wonderful opportunities such as the ability to start a business, secure business loans that will enable you to start building wealth.

 

One thing I know for sure from talking to several Real Estate friends, “You don’t have to buy your”forever home” as a first-time homebuyer” says Luxury Real Estate expert Rabi Aboulhosn, Keller Williams Beverly Hills.  He continues the conversation by saying ” Real Estate is one of the best long-term investments you can make.”

 

“Doing your research is very important before you commit to buying,” says Jenny Landey of Sotheby’s International Realty in the Hamptons New York.

 

 

But I know what you are thinking in these hard economic times how can we plan accordingly to buy a home when people are losing their jobs and there are so many uncertainties. Well, the reality is– historically speaking after any major tragedy such as depressions and recessions, the economy crashes, prices go back up even if it is gradually. Even after this global pandemic. There is a word from the gospel that says ” For example, who of you wanting to build a tower does not first sit down and calculate the expense to see if he has enough to complete it?” (Luke14:28)
There are some important steps we need to take before moving forward, how money works, free Market vs. Government control of the economy, economic growth, private enterprise, and incentives. We should make it our point to understand economic prosperity comes from free enterprise, not from government subsidies.

 

Understanding the basics of these things will help us to spend and live within our means. Knowing the difference between assets, commodities, investments, and collateral will cause us to think before we spend frivolously or start using credit.

 

Our goal coming out of this quarantine should be to be financially literate at any income.  The goal should be is to get started planning our financial future.

 

 

While in quarantine you have plenty of time to reflect on so many things, your home situation should be one of them. Let’s start making some serious phone calls and doing some research with some professionals that are making themselves available to assist you in finding a home.  Jenny Landey and Zack Dayton were my go-to experts for part one of this article considering how much I enjoyed the Hamptons and New York.

 

Who are these experts and why bother?

 

I became familiar with Jenny some years ago when I was scouting for a location for a shoot of sorts for World Bride Magazine.  Her deep and intimate knowledge of the Hamptons and her amazing marketing skills is what was most impressive to me.  So when this opportunity to have this must needed conversation about real estate came up.  Jenny was definitely on my radar.

 

As the founder of Jenny Landey Productions, she has scouted and represented properties all over the East End as locations for the photoshoots, films, and events she has produced for the past 20 years. She has been asked to find almost every type of home or setting imaginable and leaves no stone unturned in her efforts. She sourced an oceanfront modern home in Sagaponack as the location for a Chanel commercial directed by Baz Luhrmann, as well as found and secured locations for a range of clients including Tiffany & Co., Ralph Lauren, and Vogue. This kind of in-depth knowledge and agility is what makes Jenny an informed and responsive agent to her clients.

 

Her own personal experience is what makes her the right person in my book to assist the first-time homebuyer in acquiring their first home.  Only a person who knows the challenges of taking the first steps can offer you guidance to going through the process with ease. She also has a deep love for the Hamptons. A lifelong boater and captain, Jenny’s passion for the water has led to her own seaside living and her expertise in waterfront homes. She spent years fishing offshore with her father for tuna in the Hudson Canyon and these days prefers puttering around in her restored 1976 Donzi, looking for unfound spots to drop anchor. The natural beauty of the Hamptons coastline continues to inspire her and she shares that inspiration with customers, whether they are first-time buyers or seasoned investors.

Jenny’s commitment to the community is manifested through her love and passion for animals run deep and she is a volunteer for The Wildlife Center of the Hamptons as well as a supporter of ARF, Animal Rescue Fund of the Hamptons.

A graduate of The Dalton School in NYC and The University of Vermont, Jenny spent her years prior to working in photo production as a producer at ABC News, and at The Andy Warhol Foundation as well as an account executive in advertising.

Born and raised in New York City, Jenny has been exploring and residing part-time in the Hamptons since she was a child. She became a full-time resident of East Hampton over ten years ago, and now lives on Three Mile Harbor where she can watch the sunset every evening.

When asked why Real Estate and why the Hamptons? 

 

Living and working in East Hampton is a dream.  I feel so fortunate to be in an area where the natural beauty of the oceans and the bays and the farms and the vineyards are so inspiring.  I am a Captain and lifelong boater and I have taken clients out on my boat when looking at waterfront properties as the perspective from the water is so different than from land.  It’s a great way to connect and add that little something extra to create a unique experience.

If Jenny herself wasn’t enough to sell the region, she brings along a friend and fellow agent Zack Dayton, who was destined to be in Real Estate.  His love for the region is apparent simply by his lifestyle.  His love for surfing I would say is his way of expressing his love for the region but his appreciation or the beauty that the region has to offer.

Zack Dayton is a descendant of one of the Hamptons’ founding families, Zacheriah Dayton is a passionate ambassador for the East End lifestyle, well versed in the real estate landscape and deeply involved and supportive of the community. Growing up in the heart of East Hampton Village, Zack learned to swim, surf and fish the local waterways, eventually serving the town as a lifeguard on Georgica Beach. His surfing expertise and interest in world travel which led him to take trips throughout the US, Caribbean, Central, and South America where he forged lifelong relationships and a fluency in Spanish.

After completing his marketing degree at the University of Hawaii at Manoa, Zack returned to the Hamptons to pursue a career in real estate. Now a Licensed Salesperson at Sotheby’s International Realty, Zack draws upon his extensive market knowledge, broad network, and invaluable training as an apprentice with family members who are local leaders in real estate and high-end construction. Zack is proud to continue his family’s legacy of serving the East End and assisting his clients in building their own Hamptons legacy.

When Real Estate is in your bloodline there is no way you can dismiss it.

Zack’s history runs long and deep, and his commitment to serving others is in his DNA. “My 10th great-grandfather, Ralph Dayton, first settled in East Hampton in 1650.  He was captivated by the natural beauty and fertile lands.  He built his home on the site of the present-day Home Sweet Home Museum and dug Town Pond, the landmark pond at the onset of the Village, for his cattle.  Like my great grandfather before me the natural beauty of the area has drawn me back to live here full time.  It is a pleasure sharing my knowledge of all the unique and beautiful areas of the Hamptons and helps those start their own family’s story on the East End.”

 

So as we move forward with our future plans, make your home your priority and one that will suit both your budget and your family.
Click below and watch our full interview and conversation on why home buying can be your best investment in any economy.

 

 

More from Myrdith Leon-McCormack

“In The Flush Of Love’s Light” Kerry-Anne & Michael Gordon–Tie The Knot

“In the flush of love’s light we dare be brave and suddenly...
Read More